Top Personal Loan Finance Companies in India

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Personal loans are the financial assistance from financial institutions for the immediate personal needs

Why do I need personal loan?



Why do people take personal loans?
  • be it pecuniary aid for the renovation of your house
  • buying a new laptop
  • spending a vacation with the family
  • just for the mere need to pay off credit card dues.
It acts as the perfect medium to smoothen up the cash flow in times of stringency. Identify the need and accordingly choose the type of the personal loan from the host of top personal loan finance companies in India. There is an array of companies providing personal loan finance to varied strata of the society.

Tips for choosing a personal loan



The urgent need of the hour is to select the right company suiting your requirements that too at competent rates. Who will bear the burden of personal loan interest rates that nearly makes a hole in your pocket? You can opt for a secured or an unsecured personal loan, totally depending on the credit history or the practice of the company.

Tips:

  • Check your credit report before applying for loan
  • Plan your budget and stick to it
  • Borrow only the amount you need, do not borrow in excess.
  • Know your APR(Annual Percentage Rate) i.e. How much the loan would cost in interest per year
  • Look for payment delivery charges as some players charge you for early payment.
  • Be careful about the risks involved in secured laons .i.e be sure that you will be able to repay.

List of top personal loan finance companies in India



1.State Bank of India: SBI offers SBI Saral personal loan customized in a manner that helps an individual meet varied kinds of personal expenses. The interest rates at which these loans are offered are quite competitive with no hidden costs or administrative charges, no prepayment penalties. It also comes with easy repayment term.

(` in crores)
Particulars 31-03-08 31-03-09
Net Profit 6729 9121
Personal Loan Advances 32168 36557


Highlights of SBI Personal Loans
? Salaried Self Employed
Loan Scheme Saral Personal Loan Saral Personal Loan
Loan Type Term Loan Term Loan
Loan Amount Max Loan: 12 times the monthly income Max Loan: 12 times the monthly income
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 16 % Max. – 16 %
Min. – 16 % Max. – 16 %
Time to process Loan 2 days 2 days


2.AXIS Bank: Axis bank's personal loans are meant for salaried persons, self employed individuals and also professionals. The processing of the loan is simple with easy documentation and fast approval.

(` in crores)
Particulars 31-03-08 31-03-09
Net Profit 1071 1815
Personal Loan as a % of Retail Assets 16% 12%
Retail Assets 13591.68 16051.78


Highlights on AXIS Bank Personal Loans
? Salaried Self Employed
Loan Scheme Personal Power Personal Power
Loan Type Term Loan Term Loan
Loan Amount The loan amount approved depends on income and also other eligibility criteria of applicants. The loan amount approved depends on income and also other eligibility criteria of applicants.
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 15 % Max. – 23 %
Min. – 15 % Max. – 23 %


3.ICICI Bank: ICICI bank's personal loan comes at attractive interest rates along with 12-60 months repayment choices. The processing is fast.

(` in bn)
Particulars 31-03-08 31-03-09
Profit After Tax (PAT) 41.58 37.58
Personal Loans Total retail advances % of retail advances
Total retail advances % of retail advances 144.13
10.7 108.66 9.9


Highlights of ICICI Bank Personal Loans
? Salaried Self Employed
Loan Scheme Personal Loan Personal Loan
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 12 % Max. – 22 %
Min. – 14 % Max. – 24 %
Time to Process Loan 3 days 2 days


4.Punjab National Bank: PNB personal loans are meted out to permanent defence personnel which comprise officials of Military Station Headquarters, BSF, CRPF, CISF, ITBP, permanent central / state Govt employees, etc. the loans can be repaid in 60 EMIs or in the residual period of services, whichever is earlier.

(` in crores)
Particulars Qtr ended
30-09-08
Qtr ended
30-09-09
Net Profit 707 927
Personal Loan advances 976 956


Highlights of PNB personal loans
? Salaried Self Employed
Loan Type Term Loan Term Loan
Loan Amount The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower. The maximum loan amount ` 3,00,000/- or 30 times monthly net salary, whichever is lower.
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 14 % Max. – 15 %
Min. – 14 % Max. – 15 %


5.UCO Bank: UCO cash is a personal loan scheme that has been customized in a manner which can take care of varied needs like marriage, medical expenses, traveling, and other personal obligations. One can repay the loan in 48 EMIs.

(` in lakhs)
Particulars Qtr ended
30-06-08
Qtr ended
30-06-09
Net Profit 13344 17885
Revenue from Retail Banking 68929 96693


Highlights of UCO Bank Personal Loans
? Salaried Self Employed
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 13.5 % Max. – 13.5 %
Min. – 13.5 % Max. – 13.5 %
Time to Process Loan 7 days 7 days


6.HSBC: MyTerms Credit from HSBC bank has four simple repayment options along with competitive interest rates. There are also special relationship discounts on existing customers.

(` in 000s)
Particulars 31-03-08 31-03-09
Net Profit 11922960 12912812
Revenue from Retail Banking 27799775 31998584


Highlights of HSBC Bank Personal Loans
? Salaried Self Employed
Loan Scheme My Terms Credit My Terms Credit
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 13 % Max. – 15 %
Min. – 13 % ?


7.IDBI: IDBI personal loan is offered along with an insurance cover, helping you in tough times. The insurance cover is meant to take care of the EMI's.

(` in lakhs)
Particulars 31-03-08 31-03-09
Net Profit 24500 31367
Revenue from Retail Banking 307167 533947


Highlights of IDBI Bank Personal Loans
? Salaried Self Employed
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 16.4 % Max. – 20.4 %
Min. – 16.4 % Max. – 22.4 %
Time to Process Loan 7 days 7 days


8.Standard Chartered Bank: Standard Chartered personal loans come with no securities, collaterals and guarantors. Coupled with a special health insurance from Royal Sundaram, there are special rates for existing customers and easy documentation.

($ in mn)
Particulars Qtr ended
30-06-08
Qtr ended
30-06-09
Operating Profit 2586 2838
Income from Cards, Personal Loan, Unsecured lending 1089 954


Highlights of Standard Chartered Bank Personal Loans
? Salaried Self Employed
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 14 % Max. – 19 %
Min. – 12 % Max. – 19 %
Time to Process Loan 4 days 4 days


9.Andhra Bank: Any kind of personal requirement, Andhra Bank personal loans can meet all expenses.

(` in lakhs)
Particulars 31-03-08 31-03-09
Net Profit 57557.15 65305.12
Revenue from Retail Banking 200852 246860


Highlights of Andhra Bank Personal Loans
? Salaried Self Employed
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 50000 Max. – ` 1500000
Min. – ` 50000 Max. – ` 1500000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 15.75 % Max. – 16 %
Min. – 15.75 % Max. – 16 %
Time to Process Loan 4 days 4 days


10.HDFC: HDFC bank provides personal loan which is hassle free with no guarantor/ security/ collateral needed for approval. The interest rates are low too.

(` in lakhs)
Particulars Qtr ended
30-06-08
Qtr ended
30-06-09
Net Profit 46435 60611
Revenue from Retail Banking 327291 384334


Highlights of HDFC Personal Loans
? Salaried Self Employed
Loan Scheme Personal Loan Personal Loan
Loan Type Term Loan Term Loan
Loan Amount Min. – ` 25000 Max. – ` 1000000
Min. – ` 25000 Max. – ` 1000000
Tenure Min. – 12 Yrs. Min. – 12 Yrs.
Interest Rate Min. – 16 % Max. – 16.5 %
Min. – 16 % Max. – 16.5 %
Time to Process Loan 3 days 3 days


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